Relaxo Footwears Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1.The above results were reviewed by the Audit Committee and have been approved by the Board of Directors at their meeting held on 2nd February, 2019. The Statutory auditors have conducted a limited review of the above unaudited financial results and have expressed an unmodified report on the same.
2.Based on guiding principles given in Ind AS 108 on "Operating Segments", the Company's business activity falls within a Single Operating Segment namely, "Footwear and Related Products", hence, the disclosure requirements of Ind AS 108 are not applicable.
3.ICRA has upgraded Long term rating of the Company from [ICRA] AA- to [ICRA] AA, the outlook has changed from Positive to Stable. Short Term & Commercial Paper rating of the Company has been reaffirmed as [ICRA] A1+.
4.During the quarter, 78,800 Equity Shares of face value of Re. 1/- each were allotted to the employees under Employee Stock Option Plan 2014.
5.After implementation of Goods and Services Tax (GST) with effect from 1st July, 2017, Revenue from Operations is required to be disclosed net of GST in accordance with the requirements of Ind AS. Accordingly, the Revenue from Operations for the nine months ended 31st December, 2018 is not comparable with the corresponding nine months ended 31st December, 2017 presented in the financial results which are reported inclusive of Excise Duty.
6.The Board of Directors of the Company at their meeting held on 12th May, 2017 had approved a Scheme of Amalgamation ("Scheme") of Marvel Polymers Private Limited (MPPL) and Relaxo Rubber Private Limited (RRPL) with the Company. The Scheme has been approved by National Company Law Tribunal (NCLT) with appointed date 1st April, 2017 and the certified copy of the NCLT order received on 4th January, 2019 approving the scheme has been filed with the Registrar of Companies NCT of Delhi and Haryana on 22nd January, 2019 ("Effective Date"). The effect of the same from 1st April, 2018 to 31st December, 2018 has been given in the current quarter and from 1st April, 2017 to 31st March, 2018 has been adjusted against retained earnings. Therefore, the results of the previous periods are not comparable to the current period.
"Pursuant to the Scheme, the Company has allotted 36,18,453 Equity Shares of face value of Re. 1/- each.
7.Previous period figures have been regrouped/ reclassified wherever necessary, to conform to current period’s classification.